Government investigations and enforcement efforts have grown rapidly in the past several years. The Securities and Exchange Commission (SEC), Department of Justice (DOJ), the Office of the Comptroller of the Currency (OCC), the new Consumer Financial Protection Bureau (CFPB), and state attorneys general have come after businesses in a big way, generating a flurry of headlines. What is not getting publicity is the enormous cost of responding to these government investigations. Fortunately, insurance policies provide valuable coverage for many of these investigations.
In this program, we will discuss how to make the most out of your insurance, including:
• The insurance coverage you need;
• The types of polices that can provide coverage;
• What constitutes a “claim” that triggers coverage for an investigation;
• Notice requirements and the critical and often complex task of providing timely notice;
• How to push your insurance company for coverage.
Learning Objectives
In this presentation, we cover the following topics:
• What’s at Stake: Discussing the enormous costs of responding to the rapidly growing number of government investigations
• Types of Insurance Policies That Provide Coverage: Assessing the different types of insurance policies that may provide coverage for government investigations, including errors and omission, directors and officers, and employment practices liability
• What Constitutes a Claim That Triggers Coverage: Discussing the ways government investigations can start and analyzing policy claim definitions
• Notice Requirements and Consequences for Failure To Comply: Discussing when notice must be given to insurance company and analyzing the consequences if notice is given too late, including the potential forfeiture of coverage for current and future claims
• Defense Issues: Discussing the different defense standards and provisions in insurance policies, including duty to defend, duty to advance defense costs, and duty to reimburse defense costs, as well as insurer’s arguments for recoupment of already paid defense costs
• Why Defenses Asserted by Insurers Often Do Not Bar Coverage: Assessing some defenses often raised by insurers, such as the fraud exclusion, and discussing why those defenses do not apply to the defense of government investigations
• Tips for Maximizing Insurance Coverage of Government Investigations: Discussing common insurance company practices, the best policyholder coverage provisions, and how to efficiently and effectively access that coverage
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